Siemens completes €350 mln plant upgrades in Egypt

German industrial giant Siemens has completed maintenance and upgrades of a number of production units for Egypt’s Ministry of Electricity, costing about €350 million ($391 million).

The ministry had signed a contract with Siemens to maintain and upgrade a number of electricity production units in Nubaria, Talkha, Kureimat, Ayoun Moussa, and Sidi Kreir, in addition to upgrading the third and fourth units of the Ataqa power plant, added the report in Egypt Daily News, citing a ministry official.

The dues will be repaid through monthly instalments, the source said, adding that the power plants require periodical maintenance, which will add to the outstanding amount.

Source: TradeArabia